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The Energy Regulatory Commission announced that it was still extending by six months the time allowed to the companies producing and distributing electricity to offer and sell to the public at least 15% of their ordinary shares. thorough deliberation and due, resolved to extend for a period of six months or until 29 December 2018, for production companies and UD [distribution utilities] to offer and sell to the public a portion of at least 15% stocks, "said the ERC.
The regulator has extended the deadline of June 29, 2018 to have more time to evaluate the results of the public consultation series held from May 2017 to May 2018.
The ERC indicated that He was also awaiting a response from the Securities and Exchange Commission on the permitted modes of the public offering under the existing rules relating to Section 43 (t) of the 2001 Securities Act. the reform of the electrical industry.
Article 43 (t) of Epira fulfill its functions to ensure the successful restructuring of the electricity sector, including the rules and guidelines on the listing of shares of the production companies and utilities distribution.
The REB has already issued Resolution No. 9, 2011 series which provided for a period of 5 years from its entry into force for production companies and distribution services to offer and sell actions to the public.
The five-year period ended June 29, 2016, commission on June 29, 2017 and again on June 29, 2018.
The ERC stated that public consultations on the matter had been delayed due to Marawi armed conflict that forced the government to declare martial law in Mindanao last year.
He stated that the production companies, the distribution companies or their respective holding companies listed on the Philippine Stock Exchange were found to be in compliance
The Independent Filipino Electricity Producers Association has requested at the ERC to defer the application of the rules of public offer.
"PIPPA, on behalf of all its members, respectfully requests the CRC to postpone the publication date of the public call for savings. the date of compliance of the requirement at the time when the conditions surrounding the completion of the public call for savings would indicate a greater possibility of success, "That said.
The group stated that the resolution of the ERC did not establish rules and guidelines to be followed by production companies that were in the form of partnerships or joint ventures
"Not all production companies are corporations. Therefore, it would be difficult for these production companies to comply with the public offer because they do not have ordinary shares, "he added.
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